Institutional Federal Portfolio
Supplement to Prospectus
Dated May 1, 1995
The Company's investment adviser, Scudder,
Stevens & Clark, Inc. (the "Adviser"), has
agreed to waive a portion of its investment
management fee to the extent necessary so
that the total annualized expenses of the
Institutional Federal Portfolio do not exceed
0.70% of average daily net assets of the
Portfolio for the period January 1, 1996
through October 31, 1996. To the extent that
expenses fall below 0.70% during the fiscal
year, the Adviser reserves the right to
recoup, during the fiscal year incurred,
amounts waived during the period, but only to
the extent that the Portfolio's expenses do
not exceed 0.70%.
January 19, 1996
